Buyers Guide- Ann Willis, RE/MAX

Buyer's Guide

STEPS TO BUYING A HOME

ANN WILLIS Broker | ABR SRS AHWD

RE/MAX Key Properties

Licensed in Oregon

42 NW Greenwood Ave Bend, 97703

Direct: 541-948-5643

Office: 541-728-0033

awillisrealty@gmail.com

Ann Willis is a full-time Bend, OR Realtor who has successfully helped clients find and sell homes, investment properties, second-homes, acreage, and bare land all over Central Oregon. Ann is co-owner of the www.BendHomeHunters.com team. She has earned the NAR designation as a "Sellers Representative Specialist" (SRS), "Accredited Buyers Representative" (ABR) as well as the credential, “ At Home with Diversity" to work with all cultures and promote inclusive business practices. If you are looking to relocate to Bend, Oregon, Ann knows, and loves the area and is the one to help you with your real estate needs

FROM ANN

"I understand how important it is to communicate throughout the entire home buying process and how important getting it done ‘right' is. I take each transaction on with equal importance and, as a full-time Broker, I have the time and energy to give you the attention you need I am committed to navigating the entire process for you I am a long-time Bend-ite and when not working you can find me cheering on my sports-loving sons, or enjoying the river trails."

What My Designations Mean

ABR: Accredited Buyer Representative - denotes a Sales Associate who is qualified to provide buyer representation and is familiar with buyer brokerage and buyer agency issues Requires a 12 hour course, active membership in REBAC, and at least five documented transactions during the previous 18th month period where the Sales Associate acted as a buyer's representative Awarded by the Real Estate Buyer's Agent Council (REBAC).

SRS:The Seller Representative Specialist (SRS) designation is the premier credential in seller representation. It is designed to elevate professional standards and enhance personal performance

AHWD: At Home with Diversity (National Association of Realtors), AHWD certification training provides professionals with the knowledge to work with all cultures. This certification addresses issues of diversity, fair housing, and cultural differences and to transact business in culturally competent ways

What My Clients AreSaying

Anyone who is looking to buy a home knows how brutal the market is in Central Oregon. We worked with Ann for a year to find our home and we truly could not have done it without her! She was always there to answer the numerous questions ( she has a wealth of knowledge and if she doesnt know the answer, she will hunt down and find the answer!) and concerns we had and never pressured us to purchase something she knew wasn't right for our family We saw dozens of homes and when we found our dream home, Ann fought to get us the best price and was there every step of the way to make sure the closing went smoothly It's almost impossible to find a good home for a price you can afford in Central Oregon, but with an awesome Realtor the impossible becomes possible. Our family is forever grateful for her help and we recommend her to everyone we know. There are tons of good Realtors in central Oregon, but in this market you need a GREAT Realtor That's Ann Willis

- Home Buyer | Sarah

I highly recommend Ann! She did a great job with the sale of our home, was quick to respond, and created a very comprehensive marketing plan. If you are truly looking for someone who is "turn-key" and will handle all of the little details look no further

We also hired Ann as a buyer's agent for our new home purchase. Yet again, we came away very impressed Honest, professional, punctual, and focused, we couldn't ask for more

- Home Seller | Zack

I have been buying and selling real estate for 25 years I thank my lucky stars that I found Ann Willis She truly went above and beyond the call of duty to help me buy an investment property in Bend. There was never any doubt that she had my best interests at heart and would work tirelessly for me I cannot thank her enough.

- Home Buyer | Mindy

Ann is an amazing caring and kind realtor we have used her twice ---both times she brought us, buyers, within hours of listing our home. Can't say enough good things about using Ann as our realtor our closings closed without any hitches. Ann is patient hard-working answering all our questions. She works with a very high-quality team giving you staging help and great pictures to accomplish the best price

- Home Seller | Linda & Tony

RE/MAX Key Properties is a family-owned, full-service real estate brokerage specializing in residential, luxury, commercial, new construction, and ranch and land properties. Our brokers make up a select group of top-producers with an average of 16 years of experience and a commitment to knowledge-sharing. Backed by the most respected and recognizable real estate brand in the world, RE/MAX Key Properties offers a level of local expertise unmatched in Central Oregon

Our brokers are producers who have over a decade of experience, on average, and deep, hard-earned expertise They are involved in the community and they sit on the boards of prominent associations and non-profits

Unique properties require unique expertise That's why we represent four distinct divisions within our brokerage:

Residential, Luxury (the RE/MAX Collection) Ranch & Land RE/MAX Commercial

Each specialty area offers our agents branding, assets, and division-specific resources that allow them to better represent exceptional properties

From a single office that opened in 1973 in Denver, Colorado, RE/MAX has grown into the most iconic and recognized real estate network on Earth, familiar to nine out of ten home buyers and sellers.

8,900 offices

110+ countries & territories

140,000 agents worldwide

New Home Wish List

Before you begin looking for a home, know what you ' re looking for. Create your own Wish List to help you identify all the things that you absolutely must have as well as those items that would be nice, but that you could live without. Print out the checklist, fill it in, and share with Ann.

PROPERTY CHARACTERISTICS

Price Range

Approx Square Footage

Newer Home

Two Stories

Master Bedroom Upstairs

Family Room

Family Room Fireplace

Formal Dining Room

Gas/Heat

Central Air

Eat-in Kitchen

Tub & Separate Shower

Refrigerator

Electric Range/Cook top

Den/Office

Built-In Range/Oven

Self-cleaning Oven

Hardwood Floors

Microwave Oven

Disposal

Dishwasher

Laundry Room

Newer Roof

Automatic Garage Door

Basement

Security System

Landscape Sprinklers

Swimming Pool

Property Address

Home Shopping Worksheet

Square Feet

Number of Bedrooms

Date of Visit

Number of Bathrooms

EXTERIOR

Large yard (1 acre or more)

Pool

Small yard (less than 1 acre)

Outdoor spa

Fenced yard

Extra parking

Garage/carport

Other buildings (barn, shed, etc )

Patio/deck

Nice view

INTERIOR

Family room

Separate dining room

Eat-in kitchen

Formal living room

Separate den

Greatroom

Laundry room

Basement

Hardwood floors

Wall-to-wall carpet

Ceramic tile

Fireplace

Storm windows

Ceiling fans

Central air conditioning

Energy-efficient features

In-law apartment

No interior steps

Close to schools

COMMUNITY FEATURES

Close to public transportation

Close to work

Close to childcare

Close to relatives/friends

Gated community

Community pool

Tennis courts

Close to parks

Close to hospitals

Basketball courts

Golf course

OVERALL IMPRESSION

Home Buying Process Overview

Needs & Home Search

INITIAL CONSULTATION

Buying process overview

Determine needs and wants

Agent services

Market conditions

Lending qualification

Define agency relationship

INSPECTIONS AND PROPERTY CONDITION REVIEW

Buyer inspections: Property, Pest, Roof etc

Second review of Seller disclosures

LOAN UNDERWRITING & APPRAISAL

Underwriter reviews files Appraisal ordered by lender

LOAN PRE -APPROVAL

Obtain loan pre-approval letter from lender Determine budget for home

SUBMIT HOME INFO TO LENDER

Escrow officer orders

Preliminary Title Report

Buyer funds are deposited into escrow account

HOME SHOPPING

Tour properties that meet your “ideal home” criteria Monitor market inventory

OPEN ESCROW

Escrow officer will order

Preliminary Title Report Buyer funds are deposited into escrow account

FIND HOME & MAKE OFFER

Review and sign off on available disclosures and reports

Discuss appropriate offer strategies with agent

Prepare and submit appropriate offer package

PRESENT & NEGOTIATE OFFER

Agent will present offer to sellers, Deal with any counteroffers, multiple offer situations or requests for changes in offer conditions

RECORD/TRANSFER TITLE & CLOSE OFE SCROW

Deed is recorded by the County Recorder’s Office Get the keys to your new home!

UNDERWRITER REVIEWS FILES APPRAISAL ORDERED BY LENDER

If critical issues are discovered during buyer inspections or seller disclosure review determine appropriate action e g request for repairs, change to terms, price etc

Arrange for down payment and closing costs to be in escrow (e g cashiers check, wire transfer) Lender sends balance of funding to Escrow Company LOAN

Select home insurance company and initiate coverage process

Submit insurance information to escrow

Review closing costs settlement

Sign loan documents

Return documents to lender for funding review

After property inspections and confirmation of loan document approval, contingencies are removed REMOVE CONTINGENCIES

Final walkthrough is performed to confirm condition & completedrepairs if necessary Property conditions should be consistent with condition on date of ratification

Early in the process ask your Realtor and Loan Officer for an estimate of your closing costs which will include pre-pay responsibility such

home owners

and any

association fees and remember to examine it and ask any questions prior to closing

10 Step Buying Process

Start looking at Websites, like Zillow com and Realtor com and reading publications that have real estate. Make a note of particular homes you are interested in and see how long they stay on the market.

STEP 1

START YOUR RESEARCH EARLY

Start looking at Websites, like Zillow.com and Realtor.com, and reading publications that have real estate. Make a note of particular homes you are interested in and see how long they stay on the market

STEP 2

DETERMINE HOW MUCH HOUSE YOU CAN AFFORD

Work with your lender to determine how much you can afford and what loan programs are available for your situation. Home Loans don’t always require 20% down; loans are available for as little as 3% down and special loan programs for Veterans, first-time home buyers, teachers, and medical professionals

Some loans will include renovation costs and can cover the cost of land and building a home

STEP 3

GET PREQUALIFIED AND PREAPPROVED FOR CREDIT FOR YOUR MORTGAGE

Before you start looking for a home, you must know how much you can spend. When you do want to make an offer, you will need a pre-approval letter, or if cash, proof of funds to include with the offer

STEP 4

FIND A REAL ESTATE AGENT

Done! You have found Ann Willis, her years of experience, attention to detail, market knowledge, and negotiation skills mean she has you covered The stress of buying a home can not be completely eliminated, however, knowing you have a dedicated Realtor holding your hand and watching out for you will at least take off some of the burdens

Step 5

MAKE AN OFFER

Once you and the seller have reached agreement on a price, the house will go into escrow, which is the period of time it takes to complete all of the remaining steps in the homebuying process

STEP 6

SELECT A LOAN

Lenders have a wide range of competitively priced loan programs and a reputation for exceptional customer service You will have many questions when purchasing a home, having one of our experienced, responsive mortgage bankers assist you can make the process much easier

STEP 7

GET A HOME INSPECTION

Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing

STEP 8

HAVE THE HOME APPRAISED

Lenders will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third-party company and is not directly associated with the lender

STEP 9

COORDINATE THE PAPERWORK

There is a lot of paperwork involved in buying a property, Ann will help arrange and coordinate the different documents, including working with your lender, title company, and other agent to make sure your needed forms are current and submitted in a timely matter

STEP 10

CLOSE THE SALE

At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents When the home is funded and recorded, Ann will hand you the keys, and it will officially be yours!

Escrow & Loan Process

What is an escrow?

An escrow is a method of dosing a real estate transaction. The escrow agent is given the responsibility to oversee and coordinate the closing activities, acting as a neutral third party between the buyers and sellers. Your escrow officer must follow the instructions of both parties {buyers and sellers) involved in the transaction, and will remain unbiased.

Home Loan Tips

Tip 1. Start saving for a down payment

Start reading Web sites, newspapers, and magazines that have real estate listings. Make a note of particular homes you are interested in and see how long they stay on the market.

Tip 2. Check your credit score

Having a good credit score puts you in a position to attract the best deal on your home loan. So it’s a good idea to obtain a copy of your credit report before starting the home buying process You will see what your credit profile looks like to potential lenders and can then take steps to improve your credit score if necessary.

Tip 3. Utilize a mortgage calculator

Mortgage calculators are great tools for helping you understand how much home you can afford. They are very easy to use and can show you how much your monthly mortgage payment would be under different home price, down payment and interest rate scenarios

Tip 4. Start tracking interest rates

The interest rate will be one of the biggest factors in determining the cost of your mortgage Interest rates for mortgages change almost every day and it is helpful to know which way they are heading.

Tip 5. Get pre-qualified

Many real estate agents want you to be pre-qualified for a loan before they will start to work with you The mortgage pre-qualification process is fairly simple, usually just requiring some financial information such as your income and the amount of savings and investments you have. Once you are pre-qualified, you will have a better sense of how much you can borrow and the price range of the homes you can afford

Getting Your Finances in Order

The Importance of Your Credit Score

A credit score is a way of measuring how likely you are to pay your bills It’s one of the key factors that lenders look at when deciding if they will lend you money to buy a home and at what interest rate The higher your credit score, the better interest rate you can get. Your credit score is based on a credit report that contains information on your credit history, such as the amount and type of debt you have and whether you ’ ve made any late payments. Credit scores range between 300 and 850.

Down Payment Requirements

Depending on your lender and the type of loan you choose, your required down payment can range from 3% to 20% of the purchase price of the home. For example, the down payment on a $200,000 home would range between $6,000 and $40,000. With a significant lump sum due at the time of closing, you will need to build your savings before you buy a home.

Frequently Asked Questions

Q: How will you tell me about the newest homes available?

A: The Multiple Listing Service Website provides up-to-date information for every home on the market I constantly check the New on Market list so I can be on the lookout for my clients. I will get you this information right away, the way that is most convenient for you: by phone and/or email.

Q: Will you inform me of homes from all real estate companies or only RE/MAX?

A: I will keep you informed of all homes I want to help you find your dream home, which means I need to stay on top of every home that's available on the market.

Q: Can you help me find new construction homes?

A: Yes, I can work with most builders and get you the information you need to make a decision On your first visit with the builder, I will accompany you By using my services with a new construction home purchase, you will receive the services l offer, as well as those provided by the builder, at no additional cost

Q: How does for sale by owner (FSBO) work?

A: Homeowners trying to sell their homes without agent representation are usually doing so in the hopes of saving the commission If you see a FSBO and want the advantages of my services, Jet me contact the owner for you and make an appointment Most times the homeowner will work with an agent even though their home is not listed since the agent is introducing a potential buyer to their property

Q: Can we go back through our property again once an offer is made but before possession?

A: Usually, we can notify the seller and schedule a convenient time to visit the property again Immediately before the closing, we will schedule a final walk-through and inspection of your new home

Q: Once my offer is accepted what should I do?

Real Estate Terminology

Adjustable-rate mortgage - There are two types of conventional loans: the fixed-rate and the adjustable-rate mortgage In an adjustable-rate mortgage, the interest rate can change over the course of the loan at five, seven, or ten year intervals. For homeowners who plan to stay in their home for more than a few years, this is a risky loan as rates can suddenly skyrocket depending on market conditions.

Amortization - This is the process of combining both interest and principal in payments, rather than simply paying off interest at the start This allows you to build more equity in the home early on Appraisal - In order to get a loan from a bank to buy a home, you first need to get the home appraised so the bank can be sure they are lending the correct amount of money. The appraiser will determine the value of the home based on an examination of the property itself, as well as the sale price of comparable homes in the area.

Assessed value - This is how much a home is worth according to a public tax assessor who makes that determination in order to figure out how much city or state tax the owner owes

Buyer’s agent - This is the agent who represents the buyer in the home-buying process On the other side is the listing agent, who represents the seller

Cash reserves - The cash reserves is the money left over for the buyer after the down payment and the closing costs.

Closing - The closing refers to the meeting that takes place where the sale of the property is finalized. At the closing, buyers and sellers sign the final documents, and the buyer makes the down payment and pays closing costs.

Closing costs - In addition to the final price of a home, there are also closing costs, which will typically make up about two to five percent of the purchase price, not including the down payment Examples of closings costs include loan processing costs, title insurance, and excise tax

Comparative market analysis - Comparative market analysis (CMA) is a report on comparable homes in the area that is used to derive an accurate value for the home in question.

Contingencies - This term refers to conditions that have to be met in order for the purchase of a home to be finalized For example, there may be contingencies that the loan must be approved or the appraised value must be near the final sale price

Dual agency - Dual agency is when one agent represents both sides, rather than having both a buyer’s agent and a listing agent.

Equity - Equity is ownership. In homeownership, equity refers to how much of your home you actually own meaning how much of the principal you ’ ve paid off The more equity you have, the more financial flexibility you have, as you can refinance against whatever equity you ’ ve built Put another way, equity is the difference between the fair market value of the home and the unpaid balance of the mortgage If you have a $200,000 home, and you still owe $150,000 on it, you have $50,000 in equity.

Escrow - Escrow is an account that the lender sets up that receives monthly payments from the buyer.

Fixed-rate mortgage - There are two types of conventional loans: the fixed-rate and the adjustable-rate mortgage. In a fixed-rate mortgage, the interest rate stays the same throughout the life of the loan

Home warranty - This warranty protects from future problems to things such as plumbing and heating, which can be extremely expensive to fix

Inspection - Home inspections are required once a potential buyer makes an offer. Typically, they cost a few hundred dollars. The purpose is to check that the house’s plumbing, foundation, appliances, and other features are up to code. Issues that may turn up during an inspection may factor into the negotiation on a final price. Failing to do an inspection may result in surprise costly repairs down the road for the home buyer

Real Estate Terminology

Interest - This is the cost of borrowing money for a home Interest is combined with principal to determine monthly mortgage payments The longer a mortgage is, the more you will pay in interest when you have finally paid off the loan.

Listing - A listing is essentially a home that is for sale. The term gets its name from the fact that these homes are often “listed” on a website or in a publication

Listing agent - This is the agent who represents the seller in the home-buying process On the other side is the buyer’s agent, who represents the buyer

Mortgage broker - The broker is an individual or company that is responsible for taking care of all aspects of the deal between borrowers and lenders, whether that be originating the loan or placing it with a funding source such as a bank.

Offer - This is the initial price offered by a prospective buyer to the seller A seller may accept the offer, reject it, or counter with a different offer

Pre-approval letter - Before buying a home, a buyer can obtain a pre-approval letter from a bank, which provides an estimate on how much the bank will lend that person. This letter will help determine what the buyer can afford.

Principal - The principal is the amount of money borrowed to purchase a home. Paying off the principal allows a buyer to build equity in a home. Principal is combined with interest to determine the monthly mortgage payment.

Private mortgage insurance - Private mortgage insurance (PMI) is an insurance premium that the buyer pays to the lender in order to protect the lender from default on a mortgage These insurance payments typically end once the buyer builds up 20% equity in a home

Real estate agent - A real estate agent is a professional with a real estate license who works under a broker and assists both buyers and sellers in the home-buying process.

Real estate broker - A real estate broker is a real estate agent who has passed a state broker’s exam and met a minimum number of transactions These brokers are able to work on their own or hire their own agents

Realtor - A Realtor is a real estate agent who specifically is a member of the National Association of Realtors NAR has a code of standards and ethics that members must adhere to

Refinancing - Refinancing is when you restructure your home loan, replacing your old loan with an entirely new loan that has different rates and payment structures. The main reason people refinance their home loans is to get a lower interest rate on their mortgage, and therefore lower not only the monthly payment but also the overall debt owed Title insurance - Title insurance is often required as part of the closing costs It covers research into public records to ensure that the title is free and clear, and ready for sale If you purchase a home and find out later that there are liens on the home, you’ll be glad you had title insurance.

Real Estate Terminology

Interest - This is the cost of borrowing money for a home Interest is combined with principal to determine monthly mortgage payments The longer a mortgage is, the more you will pay in interest when you have finally paid off the loan.

Listing - A listing is essentially a home that is for sale. The term gets its name from the fact that these homes are often “listed” on a website or in a publication

Listing agent - This is the agent who represents the seller in the home-buying process On the other side is the buyer’s agent, who represents the buyer

Mortgage broker - The broker is an individual or company that is responsible for taking care of all aspects of the deal between borrowers and lenders, whether that be originating the loan or placing it with a funding source such as a bank.

Offer - This is the initial price offered by a prospective buyer to the seller A seller may accept the offer, reject it, or counter with a different offer

Pre-approval letter - Before buying a home, a buyer can obtain a pre-approval letter from a bank, which provides an estimate on how much the bank will lend that person. This letter will help determine what the buyer can afford.

Principal - The principal is the amount of money borrowed to purchase a home. Paying off the principal allows a buyer to build equity in a home. Principal is combined with interest to determine the monthly mortgage payment.

Private mortgage insurance - Private mortgage insurance (PMI) is an insurance premium that the buyer pays to the lender in order to protect the lender from default on a mortgage These insurance payments typically end once the buyer builds up 20% equity in a home

Real estate agent - A real estate agent is a professional with a real estate license who works under a broker and assists both buyers and sellers in the home-buying process.

Real estate broker - A real estate broker is a real estate agent who has passed a state broker’s exam and met a minimum number of transactions These brokers are able to work on their own or hire their own agents

Realtor - A Realtor is a real estate agent who specifically is a member of the National Association of Realtors NAR has a code of standards and ethics that members must adhere to

Refinancing - Refinancing is when you restructure your home loan, replacing your old loan with an entirely new loan that has different rates and payment structures. The main reason people refinance their home loans is to get a lower interest rate on their mortgage, and therefore lower not only the monthly payment but also the overall debt owed Title insurance - Title insurance is often required as part of the closing costs It covers research into public records to ensure that the title is free and clear, and ready for sale If you purchase a home and find out later that there are liens on the home, you’ll be glad you had title insurance.